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Council approves bonds, EDA establishes TIF to support 149-unit Commons at Bear Creek project
Summary
Council approved a resolution to issue tax-exempt conduit multifamily housing revenue bonds for the 149-unit Commons at Bear Creek and the EDA established TIF District 88-1 to provide up to $1.3 million in principal; developer and staff said the project will income-average to 60% AMI and include a range of unit sizes.
The Rochester City Council voted to adopt a resolution authorizing the issuance of tax-exempt conduit multifamily housing revenue bonds for the Commons at Bear Creek, a 149-unit affordable rental development proposed by Rochester 1 Limited Partnership. Staff told the council the financing award followed multiple state allocation cycles and that bonds had been issued on 01/12/2026.
Brent Svendy, community involvement staff, said the project qualifies as a "qualified…
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